Millions of Americans are not prepared for retirement, in many cases because they lack access to employer sponsored retirement savings plans. The cost of opening and maintaining a retirement savings account, complex investment options, and concerns about losing money, also keep people from saving. The U.S. Department of the Treasury’s myRA (my Retirement Account) was designed to remove many of these common barriers and help make it easy for people to start saving for their future.
myRA is a Roth IRA that makes preparing and saving for retirement easy. This starter retirement savings account could be a good option for workers who lack access to a retirement savings plan in their workplace, such as parttime, seasonal, temporary or small business employees. There are no complicated investment options, and the investment earns interest at the same variable rate as the Government Securities Fund for federal employees. myRA makes starting to save simple, safe, and affordable.
Sign up at myRA.gov or call 855-406-6972.